1st Quarter Results

Wereldhave NV
08 May 2008


Profit per share EUR 1.73

Direct result per share EUR 1.23

Net asset value per share EUR 84.65

Occupancy rate 94%


Profit

The profit for the first quarter of 2008 amounts to EUR 38.2 mln or EUR 1.73 per
share (first quarter 2007: EUR 54.4 mln or EUR 2.53 per share). There was a
positive property revaluation in all countries, with the exception of the United
Kingdom. A lower upwards property revaluation and lower results on disposals are
the main reasons for the decrease in profit.


Direct result

The direct result for the first quarter of 2008 amounts to EUR 27.4 mln, which
is EUR 2.8 mln or 9.4% lower than the first quarter of 2007. The decrease of the
direct result is caused by lower exchange rates for sterling and the US-dollar
and by lower other financial gains and losses, since the direct result for the
first quarter of 2007 included a incidental gain of EUR 2.2 mln for the
surrender of a lease. Exchange rate differences had a total effect of EUR - 0.9
mln on the direct result. The increase in interest costs of EUR 0.5 mln is
primarily due to the increased size of the property portfolio.


The occupancy rate for the first quarter amounts to 94%, which equals the
average for the full year 2007. Broken down by sector, occupancy rates were:
offices 89.4%, retail 98.8%, industrial 96.2% and residential 92.0%.


Indirect result

The indirect result for the first quarter of 2008 amounts to EUR 10.8 mln (first
quarter 2007: EUR 24.2 mln).The decrease is mainly due to a lower positive
property revaluation. The revaluation for the first quarter was EUR 12.6 mln,
compared to EUR 26.5 mln for the first quarter of 2007. The weighted average cap
rate of the portfolio remained stable at 5.9%. The more high-risk properties
have been sold during previous years. During the first quarter of 2008 only one
small industrial property was sold and the surplus on disposals decreased by EUR
2.4 mln. No major sales are planned for 2008. Other gains and losses increased
by EUR 0.6 mln as the result of the settlement of a fire insurance claim from
2001. Exchange rate differences had an (unrealised) effect of EUR - 2.1 mln on
the indirect result.


Equity

Shareholders' equity at March 31, 2008 stood at EUR 1,883.8 mln (December 31,
2007: EUR 1,972.6 mln before distribution of profit). This represents 68% of the
balance sheet total (December 31, 2007: 70%). The balance sheet total includes a
short term liability in relation to the dividend payment for the year 2007 of
EUR 4.65 per share or EUR 96.6 mln. After the payment of dividend, the solvency
ratio stood at 70%.


Exchange rate differences had a total negative effect of EUR - 68.5 mln on the
value of the property portfolio, causing a reduction of shareholders' equity of
EUR 30.2 mln. The net asset value per share at March 31, 2008 amounts to EUR
84.65 (December 31, 2007: EUR 84.37 after distribution of profit). No
convertible bonds opted for conversion. At March 31, 2008 the total number of
ordinary shares in issue amounts to 20,781,735.


Property portfolio

During the first quarter of 2008, the property portfolio did not change, with
the exception of the sale of an industrial property of 2,100 m(2) in Winchester,
United Kingdom for GBP 2.2 mln gross, slightly above book value.


Prospects

Wereldhave is not yet forecasting the result for the year 2008.




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